Can't upload the Charts today. last few days, the real time Nifty data has been erratic, to say the least. As if the freak quotes at the pre-open from 9:00 AM to 9:15 AM were not enough. Hence, there are no updated charts and Nifty Views for tomorrow. Hopefully, things will get sorted out by Monday morning.
It was a sellers expiry yesterday. A two way movement with volatile moves till the last hour. Expiries are always Risky to trade. If you wanted to experience that, one should have watched the price movement in Options of November Expiry. Till 3:00 PM, it looked as if Nifty spot had respected the previous bottom made at 5825 and formed a double bottom. It bounced around 40 points, twice from that level (reason for us not taking that short call marked in the chart). However, when it broke it, there was no looking back.
Today, being the first day of the expiry, would confirm whether yesterday's move was a blip Or is it here to stay. We are at the end of the week and the Month end is also nearing. If Nifty is unable to recover some of its losses by the end of this month, it would generate a "Sell" on the monthly time frame. Last time this happened, we had a reversal. Will it repeat this time too?
For today, watch the levels of 5790 and then 5760/5750 on the downside. These have to be protected for any kind of bounceback materialize. On the upside, 5825-5830 and 5850 will be the initial resistances, above which some short covering can take Nifty to test 5880 - 5905 levels again. Trade these ranges now till we get a breakout on the Upside. I don't recommend any fresh shorts right now. For those who are already in short, hold on till we get a reversal (above 5960?).
26 Nov: nifty spot resistance at 5830-5850-5880-5895. Support at 5790-5760-5750-5735 - www.niftypower.com
It was a news driven day. Nifty tanked almost 180+ points and then recovered 120+ points in a V shaped recovery to kill the shorters who traded on News. We prefer to avoid trading on such days. However, there was a nice sell call setup in the morning (before the news), which could have been taken by the traders. Nifty had broken our reference level of 5955-5960 in the morning itself and then was unable to sustain above it.
For today, once again watch the levels of 5955-5960 on the upside. Sustaining above this, Nifty can again target 6000-6020 kind of levels. However, real Bullishness will come only if it crosses and sustains above 6020-6030 spot. On the downside, support would come at 5900-5890 levels break of which can lead for another round of at least 30-40 point fall.
They say that "Bottoms are Made in Panic" in the market. Yesterday was one such panic day. Will 5825 turn out to be the bottom of this correction?? Only time will tell. Be ready!
As expiry is near, trade light with your positions.
24 Nov: Nifty spot resistance at 5960-5975-6005-6020. Support at 5930-5905-5890-5855-5825 - www.niftypower.com
Nifty opened up above our reference level of 5920, broke it and then broke on the upside again to go for a solid 100+ points rally. The ideal trades for the day are marked on the chart. A trade with low risk:reward at the ideal levels. At NiftyPower, we took the lone short call at 5955-5960 levels which almost did our second target of 30+ points. We avoided the long trades today as the larger trend is still down although Nifty was at over sold levels.
Tomorrow will be an important day for deciding the larger trend of the market. If Nifty manages to give us a close above 6030 tomorrow, our bias will turn towards upside and Buy on Dips will be more favorable. However, if it is not able to test 6030 and instead, breaks and close below 5960-5955 levels, then this upmove may be termed as a relief rally to correct the oversold levels. This will mean more downsides. Between 5960 and 6030, the trend remains unclear as of now. Watch these levels closely tomorrow.
23 Nov: Nifty spot resistance at 6020-6030-6060-6085. Support at 5980-5950-5930-5890 - www.niftypower.com
In yesterday's Nifty view, it was given that ".. Above 6015, we may see some weak shorts cover till 6030-6060 ..". Nifty made exact high near 6030 Spot levels. Further, it was given that "..minor support for Nifty exists at 5970/5960 spot levels, below which a revisit to previous low of 5935/5940 will happen..". Nifty went straight down till 5906 once it broke 5960 levels. Look at the chart above. Could you spot the trade opportunities circled above. These should have been the ideal trades for the day fetching more than 100+ points minimum. However, on a day like this, it is better to stay on the sidelines and watch the fun rather than being in the market. Always think of preserving your Capital first. Profits will come automatically.
The chart for tomorrow is given below:
This upmove, if genuine, should clear 6030, 6060 and then 6130 for the Bulls to be back in full force. Intraday traders, watch the level of 6030 spot on Nifty. If clears and stays above it for sometime, it will target 6060-6100 on the upside. On the downside, 5970-5960 levels should provide support to Nifty. If this is broken, we will revisit the lows made today and probably move lower too. Watch the action closely near these levels and then trade with tight stoplosses in this volatile market.
19 Nov: Nifty spot resistance at 6030-6060-6085-6115-6130. Support at 5995-5970-59605935-5905 - www.niftypower.com
In my previous Nifty View, it was given that "... the movement of Nifty will tell us whether this was just a relief rally for the sharp correction that we had witnessed last week Or is there further upside left...". Well, Nifty gave us the answer and How! One way down with Over 100+ points.
From now on, all eyes will be on the previous low of 5937. Bulls will try hard to save that level. If the Bears are somehow able to conquer that level, it will spread some Panic among the 6000 PE and 5900 PE writers, and maybe a quick visit to 5850 levels where we may pause again. On the upside, Nifty will face tough resistance now at earlier support zones. It is a sell on Rises as long as we stay below 6130 Spot as of now.
For 18 Nov., Intraday traders watch the levels of 6000 and 6015 on the upside. Above 6015, we may see some weak shorts cover till 6030-6060 levels, where again sellers will emerge. On the downside, minor support for Nifty exists at 5970/5960 spot levels, below which a revisit to previous low of 5935/5940 will happen. Trade on both long and short sides with tight stoploss to gain from this volatile market movements.
18 Nov: Nifty spot resistance at 6000-6015-6030-6060. Support at 5970-5960-5935-5900 - www.niftypower.com
In Yesterday's Nifty View, it was given to look for going long near 6030/6025 region and watch for resistances near 6085/6090 and then 6115/6125 levels. Nifty made a low at 6139 levels and then faced some selling pressure at 6090 levels, before clearing it to make a high near 6128 levels. I have told this many times before and want to reiterate it here. Always place your orders at important Supports and Resistance levels only. Waiting for the right levels to come is half the battle won. After that, just believe in what the Screen is telling You. At NiftyPower, we took two trades today - The first one a short, the second one a long. Both earned us 20+ points giving a total of 40+ points for the day.
Now for tomorrow, 16 November, the movement of Nifty will tell us whether this was just a relief rally for the sharp correction that we had witnessed last week Or is there further upside left. Intraday traders watch the action near 6150/6160 levels on Nifty spot on the upside and 6085-6100 levels on the downside. Trade this range till we get a breakout/ breakdown for further moves till 6200 on the upside and 6030 on the downside. 6100 is the new battle zone for the Bulls and the Bears. It remains to be seen who wins it tomorrow.
16 Nov: Nifty spot resistance at 6120-6145-6160-6200. Support at 6100-6085-6060-6040-6030 - www.niftypower.com
Nifty is trading at oversold levels and after the initial jerks, can move up in the morning session. Also, high Open Interest at 6000 PE and 5900 PE strikes suggest that these levels should not be taken out so easily.
Intraday traders watch for some support near 6030-6025 Spot levels. One can look for going Long if Nifty comes near this level in the morning session. Longs should only be kept on intraday basis for now till the time Nifty starts to show some strength. If Nifty is not able to sustain above 6030/ 6025, we may see further correction upto 5980-5935 levels which would be trend deciding levels for the Nifty.
On the upside, resistance now comes 6085-6090 levels and then at 6115-6125 levels. With the type of selling we witnessed last week, a lot of traders would have become Sellers on Rise and it remains to be seen whether Nifty manages to take out these sellers and absorb all the selling. After two trending days, I again expect the market to give both Long and Short opportunities to the traders. trade the range till we get the next confirmed move on either side.
15 Niv: Nifty spot resistance at 6095/6090-6120-6140-6160. Support at 6065-6030-5995-5980 - www.niftypower.com
Its a market holiday and generally I do not post my views on weekends. But since I have some time, just thought to share some weekend thoughts with the readers of this Page.
Nifty broke down crucial supports with volumes last week. At this point, I would draw your attention towards this post given on 8 Nov, and appropriately titled "Caution!". Nifty was hovering around all time highs at that point of time. Now it has done a 250+ points of correction from those levels and I see people turning Bears from Bulls again!
You do not need to follow complex TA methods to make money from this market. there is no holy grail to make money. No system which would give you a 100% result. The holy grail is within you. Technical Analysis does not tell you what is going to happen in the market. Nobody can predict the Future. What technical analysis tells you is what is happening Now! If you have the eyes to see it, if you can keep your emotions out and believe in what is happening, if you blindly follow your well tested system, You will surely Make Money in the market.
Have a look at the chart below and also see the post on 8 Nov. again:
In the post on 8 Nov., it was clearly written that the green line had been providing support to Nifty ever since it formed a bottom around 5935-5940 levels. It was also suggested to start reducing the long positions once this green line was crossed. I was not telling you this. The market, the system was telling this. I could only see Bulls at that time. As I am starting to see Bears now.
At NiftyPower, we try to teach our Subscribers this simple method of trading. Have your actionable levels ready. These could be the Pivot levels, Swing highs and Lows, Value Areas, Supports and Resistances, Moving Averages... anything. But have it ready with you before each day and before each trade. Buy and Sell only at the pre-planned levels. Look for Risk:Reward at your predetermined levels and then take the decision to Buy/ Sell accordingly. That, if followed routinely, would lead You to the Holy grail that is within You!
Nothing much to update. Nifty remains rangebound in a broad trading range of 6240 to 6310 Spot. Narrower trading range is 6270 to 6295. Trade these ranges using other indicators till we get a breakout/ breakdown. Do not go short positionally till Nifty gives us a close below 6240. We had an inside day yesterday. Break above/ below yesterday's highs and lows would provide the first indications of a breakout. Watch carefully the price and volume action near the levels.
11 Nov: Nifty spot resistance at 6295-6310-6320-6335. Support at 6270-6255-6240 (strong) - www.niftypower.com
In our Yesterday's Nifty View, it was clearly mentioned that I don't advise anyone to go long at such high levels with Overbought readings. 6290 was the reference point given as a strong support, the break of which straight away led to our next support area of 6270 spot. We and subscribers of NiftyPower took the same trade for an easy gain of 20 points in a rangebound day. Thereafter, Nifty kept moving in the range of our S1 at 6300 and S2 at 6270 for the entire day.
Have a look at the price movements of today:
For tomorrow, immediate support for Nifty spot comes at 6265-6250 zone. A move below 6250 can trigger some stoplosses for 6230-6220. On the upside, resistance comes at 6300/6305 Spot. A move above would again lead Nifty to test recent high at 6335/6340 spot. After a sluggish day today, I expect Nifty to give an opportunity for both Long and Short Trades. let's ee what it has in store for us tomorrow.
9 Nov: Nifty spot resistance at 6305-6335-6345-6365. Support at 6265-6250-6230-6200 - www.niftypower.com
The title of today's Nifty View says it all. Caution! Whenever I see extremely Bullish or Bearish Views floating around, I know this is the time to exercise caution. Right now, I see the Bears missing from the street. All I can hear is "Nifty is gonna make a New High". Is it really that important? What is more important - A New High or a sustainable move above the New High. Have a look at the chart below:
Nifty has done over 200 Points while being in Overbought status. While it can stay in overbought status for a long time, it is definitely not the time to initiate New Longs at this point. Wait for some time for the overbought status to cool off, to initiate new long positions.
Have a closer look at the chart and you will find that it has taken support at the green line and never moved below it once it crossed above it after making a low near our Support Zone of 5935-5940. For those who are already long, a close below these lines can be the first indication for reducing long positions. Trail your stoploss to protect your profits. Book partial and re-enter at the right time.
Positionally, till the time it stays above 6095-6060 levels, this uptrend will be considered to be intact. For intraday traders, watch the levels of 6290/6285 spot for supports on Monday. For anyone going long, 6290 can be the Stop and Reverse level for Intraday. I won't recommend any longs on intraday basis also at this point. However, for those who want to go long, can do so above 6335-6340 levels to participate in the frenzy at all time highs.
8 Nov: Nifty spot resistance at 6335-6355-6370-6395. Support at 6300-6290 (strong)-6270-6255-6220 (strong) - www.niftypower.com
Nifty has given a fine reversal from support zone of 5935-5940 spot (mentioned to subscribers) and continued its uptrend today. 5935 Spot becomes an important level to keep in mind now below 5980.
On Monday, 1 Nov, Nifty opened with a big gap above its resistance zone of 6070-6075 and never tested it during the day. Hence, this becomes another important level to watch out for the Bulls in the days to come. Below this, Nifty may try to fill the gap right down till 6017-6025 levels. Hence, 6070-6060 spot can be the stoploss for those holding positional longs in Nifty Future as of now.
On the upside, stiff resistance exists at 6130 and 6150/6155 levels. Once above 6150, it can go and test the next strong resistance at 6225. This week has some important news reports on the domestic front (RBI policy) as well as rom the International Markets. Hence, we may see some gap ups and gap downs during the week. Hence, trade light on overnight positions.
For the day, watch the level of 6130 and 6150 spot on the upside. Above 6150, some panic short covering can quickly take Nifty to 6180-6220 levels. On the downside, supports exist at 6105-6095 levels, below which, it may test 6070-6055 again. Overall, trade the range of 6070-6150 now until we get a breakout/ breakdown on either side.
2 Nov: Nifty spot resistance at 6130-6155-6180-6225. Support at 6105-6095-6070-6055-6015 - www.niftypower.com
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